China’s industrial production rose by 5.3% year-on-year in January-February 2019, the slowest pace since early 2002. This followed a 5.7% gain in the prior period. Output grew at a softer pace for both mining (0.3% vs 3.6% in December) and utilities (6.8% vs 9.6%). Meanwhile, manufacturing output growth was little-changed (5.6% vs 5.5%).